What is retainership?

Posted on 16th Aug 2018 | 8715 views

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What is retainership?

Retainership is "A person who is hired by a company or firm to advise on complex issues that require experience, for example, labour laws, pension issues or land / intellectual property, etc. retainership fees are a basic cost to pay for the services of a consultant by an employer,like an independent professional, a lawyer or another professional.

Retainership

It isa withholding commission is generally paid to individual third parties who have been hired by the organization to perform a particular work on their behalf. These royalties, always paid in advance, guarantee only the commitment of the recipient and do not guarantee a final result or product.

Retainership meaning is that a contract in which employees are hired for retention. As there are no fixed hours of presence in an office, the legal requirements in employment such as PF, ESIC, Bonus, Free, etc. are not applicable to individuals Working hours, fees and other benefits can be granted based on mutual understanding and the terms of the contract between the company and the individual, there will be no employee-employer relationship in that contract.

The retainer is not required to attend meetings or observe fixed work hours. The retainer would charge a retention fee for his services. In the case, the retainer is required to make a presentation or appear on employer behalf before any government. Authority / tribunal, etc., charges for the same separately for such services. However, it depends on the terms of the employee commitment as Retainer

On the other hand, with respect to contractual employment, it is recommended that the holder of the post physically submits in accordance with the terms of the contract.

The underlying difference is that, in the case of retention, the availability of the person for counseling is assured, in the latter case, his personal presence is mandatory to perform his tasks.

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